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Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal YearMyanmar is setting ambitious targets for its cotton industry, with plans to cultivate over 600,000 acres of cotton across six states and regions in the 2024-25 fiscal year. The official Global New Light of Myanmar reported that the country aims to cultivate a total of 612,712 acres of cotton across 19 cotton cultivation zones.The report, citing Union Minister for Agriculture, Livestock, and Irrigation U Min Naung, highlights Myanmar's intention to further expand its cotton plantations to 747,000 acres by the 2027-28 fiscal year.During a meeting with officials from the Magway region, the Union Minister emphasized the importance of collaboration among relevant departments, businesspersons, and farmers to overcome challenges in cotton plantations and production.The Minister also underscored the significance of promoting cotton cultivation, emphasizing its role in the development of cotton-based micro, small, and medium-sized enterprises (MSMEs) and the potential for increased exports beyond domestic demand.According to the report, an acre of cotton plantation in Myanmar yields approximately 700 visses (over 1,143 kg) of cotton, indicating the substantial output potential of the country's cotton industry.Read More....👇🏻👇🏻👇🏻👇🏻Positive Outlook for Global Cotton Industry in 2024-25: ICAC Projections

Positive Outlook for Global Cotton Industry in 2024-25: ICAC ProjectionsThe International Cotton Advisory Committee (ICAC) has released projections indicating a positive outlook for the global cotton industry in the 2024-25 season. Here are the key points highlighted in the report:Increase in Cotton Production, Consumption, and Trade: The ICAC anticipates growth in cotton-producing area, production, consumption, and trade for the 2024-25 season. This is attributed to factors such as favorable weather conditions, which are crucial for driving cotton production upwards.Weather Impact on Production Weather conditions have been identified as the primary factor influencing cotton production in recent years. Adverse weather led to a reduction in cotton area in the current season. However, the ICAC suggests that weather is expected to be more favorable in the upcoming season, contributing to increased production.Yield Expectations Despite the projected increase in production, yields are expected to decrease slightly by 0.12% to 768 kg per hectare. This decline is attributed to various factors including extreme weather events caused by global climate change and pest pressures.Projected Figures The ICAC projects a 3% increase in the cotton-producing area compared to the previous season, reaching 32.85 million hectares. Production is expected to rise by over 2.5% to 25.22 million tonnes, while consumption is forecasted to increase by 2.9% to 25.37 million tonnes. Global cotton trade, including imports and exports, is expected to grow by nearly 4% to 9.94 million tonnes.Price Forecast The ICAC's price forecast for the season-average A-index for 2023-24 ranges from 85.67 cents to 100.62 cents, with a midpoint of 92.20 cents per pound. This provides an insight into the expected price range for cotton during the upcoming season.Overall, the ICAC's projections indicate positive growth prospects for the global cotton industry in the 2024-25 season, driven by factors such as favorable weather conditions and anticipated increases in production, consumption, and trade. However, the report also acknowledges ongoing challenges such as climate change and pest pressures that continue to impact cotton production worldwide.Read More....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.

This evening, the rupee strengthened by 1 paise and closed at Rs 83.39 against the dollar.At the end of trading, BSE Sensex closed at 73,903.91, down 110.64 points or 0.15%. Whereas NSE's 50 share index Nifty is 8.70.It slipped points or 0.039% to 22,453.30.Read more....👇🏻👇🏻👇🏻👇🏻Challenges Mount for Indian Textile Exports

Rupee trades in narrow range against US dollar in early tradeThe rupee witnessed a range-bound trading in initial deals against the US dollar on Tuesday, weighed down by a strong American currency and elevated crude oil prices. At the interbank foreign exchange, the rupee opened at 83.37 against the greenback, then touched 83.35, registering a rise of 4 paise over its previous close.Sensex, Nifty open near flatlineSensex opened 145.74, or 0.20 per cent at 73,868.80 while Nifty opened 23.20, or 0.10 percent higher at 22,438.80.Read More....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.

This evening, the rupee closed at Rs 83.40 against the dollar without any movement.At the end of trading, BSE Sensex closed at 74,014.55, up 363.20 points or 0.49%. Whereas NSE's 50-share index Nifty closed at 22,462.00 with a gain of 135.10 points or 0.61%.Read more....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.

IMD Issues Heavy Rainfall and Heatwave Alerts Across India.The Indian Meteorological Department (IMD) has issued alerts for heavy rainfall and heatwave conditions in various states until April 4.Heavy Rainfall Alerts:Increased rainfall activity with thunderstorms expected in Punjab, Haryana, and Chandigarh till April 4.Heatwave conditions forecasted for Madhya Pradesh, Vidarbha, and Karnataka from April 2 to 4.Rayalaseema to experience heatwave from April 1 to 4, Telangana on April 1 and 2.Warm night conditions expected in Odisha, Maharashtra, Marathwada, and Telangana during specific periods.Hot and humid weather predicted for Coastal Andhra Pradesh, Yanam, Kerala, Mahe, Tamil Nadu, Puducherry, Karaikal from March 31 to April 4.Temperature Forecast:A rise in maximum temperatures expected in Northwest India and Maharashtra, while fluctuations anticipated in East India and Tamil Nadu.IMD's alerts highlight the need for residents to stay informed and take necessary precautions amidst changing weather patterns.Read More....👇🏻👇🏻👇🏻👇🏻Textile Industry Set for Rebound : CRISIL SME Tracker Analysis

Strong start in stock market; Sensex rose 400 points, Nifty reached near 22500Indian stock markets opened with gains for the third consecutive session. Indian equity indices opened in the green on Monday after a rise in Asian markets and slight relief in US inflation data.Rupee opens stable against dollarRupee opens at 83.40 against dollar after 3 consecutive days of holidaysRead More👇🏻👇🏻👇🏻👇🏻TN Textiles Department and SITRA Launch Training Program for Textile Workers

Rupee fell 8 paise to close at 83.40 against US dollarThe rupee on Thursday fell 8 paise to close at 83.40 against the US dollar due to strengthening of the dollar against key rivals and rising crude oil prices in the international markets.At the end of trading, BSE Sensex closed at 73,651.35, up 655.04 points or 0.90%. Whereas NSE's 50-share index Nifty closed at 22,326.90 with a gain of 203.25 points or 0.92%.Read more....👇🏻👇🏻👇🏻👇🏻TN Textiles Department and SITRA Launch Training Program for Textile Workers

TN Textiles Department and SITRA Launch Training Program for Textile WorkersThe South India Textiles Research Association (SITRA) and the Tamil Nadu (TN) Textiles Department have collaborated to launch a training program for workers in textile units. The initiative commenced on Wednesday, as announced by a press release from the Deputy Director (Textiles) in Coimbatore.The Tamil Nadu government proposed to provide skill-based training to workers employed in various sectors of the textile industry, including textile manufacturing, spinning, weaving, knitting, and garment production. The primary objective of this training initiative is to equip workers with knowledge about technology advancements and the latest developments in the textile sector.Beneficiaries of this training program, including unemployed individuals, are assured of guaranteed job placements. Additionally, existing workers can expect enhanced pay, with salaries potentially increasing up to ₹8000 per month from their current earnings.In a five-year plan, the state government aims to provide skill-based training to a total of 8,950 workers across the textile industry.The training initiative is a joint effort involving the TN Skill Development Corporation, SITRA, and the Textiles Department. Experts will serve as resource persons to provide comprehensive training.The first step of this initiative involved signing Memorandums of Understanding (MoUs) with textile units, with LS Mills in Theni approved as one of the training centers. The training program kicked off on Wednesday with 20 individuals participating. It is scheduled to conclude on May 20.The inaugural session witnessed the presence of key figures including the General Manager of Theni LS Mills, Anandan, the Deputy General Manager (DGM) R P Nivas, Regional Deputy Director (Textiles) Raghavan, and SITRA scientific officer Vaithianathan, as highlighted in the press release.Read More....👇🏻👇🏻👇🏻👇🏻Textile Industry Set for Rebound : CRISIL SME Tracker Analysis

Textile Industry Set for Rebound : CRISIL SME Tracker AnalysisThe CRISIL SME Tracker reports that the textile industry is poised for a rebound in revenue after experiencing two years of contraction. The previous financial years were challenging due to volatile cotton prices and subdued export demand. However, the industry is expected to close this financial year with lower revenue due to a correction in cotton prices and subdued exports of readymade garments.Export markets, which typically contribute a significant portion to the textile industry, have been affected by slowdowns in key markets. Nevertheless, domestic demand has remained steady, which is a positive sign for the industry, particularly for small and medium enterprises (SMEs) constituting about 75% of the textile value chain.In the upcoming financial year, growth is expected to revive driven by sustained domestic demand, stable cotton prices, and an anticipated recovery in exports. Stable cotton prices are forecasted due to lower consumption compared to production, which maintains the cost competitiveness of the cotton textile value chain. Volume growth for cotton spinners is expected to normalize after a significant surge this year.For readymade garment (RMG) players, volumes are projected to increase gradually in line with improvements in major export destinations such as the US, EU, and UK. However, key export-oriented RMG clusters like Tirupur, Bengaluru, and Mumbai may experience slower revenue growth compared to clusters with higher reliance on the domestic market like Kolkata, Kanchipuram, and Ludhiana.Despite the current contraction, profitability is anticipated to improve in the coming period due to stable cotton prices and reduced inventory losses. Medium-term prospects are bolstered by free trade agreements with the UK and the establishment of textile parks under the PM MITRA scheme, aiming to enhance India's competitiveness in the RMG sector. Additionally, the Production Linked Incentive scheme is expected to provide a further boost to domestic manufacturing.Read More....👇🏻👇🏻👇🏻👇🏻CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 Season

Today the rupee opened with a strength of 6 paise against the dollar.The rupee opened strongly against the dollar today. Today the rupee opened 6 paise stronger at Rs 83.31 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 83.37 against the dollar with a weakness of 9 paise. There is a need to do business in dollars very wisely, otherwise the investment may be affected. Today BSE Sensex opened with a rise.Today, BSE Sensex opened at 73216.97 points with a gain of about 220.66 points. Whereas NSE's Nifty opened at 22192.00 points with a gain of 68.35 points. Today, trading started in a total of 2,239 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Challenges Mount for Indian Textile Exports